Oil giants to cooperate on the blockchain

As reports suggest, large oil companies of the world plan to develop a blockchain that will satisfy them all. Among mentioned companies are: BP, Gunvor, Shell, Societe Generale and Statoil.

Turns out that the issue of cargo ownership in oil production is important and reoccurs so much that the newest technologies are needed to solve it. As told by the representatives of one of the companies participating in this joint project:

“Ideally, it would help to eliminate any confusion over ownership of a cargo and potentially help to make managing risk more exact if there are accurate timestamps to each part of the trade.”

The blockchain will provide necessary framework for future efficient trading and deals. It should be noted, however, that firms participating in this are mostly Norwegian-based. We will undoubtedly see some similar projects from Russian, Saudi and possibly Chinese oil corporations.

Blockchain, as it seems, is very handy for improving supply chains, as recently, many companies voiced their intention to improve supplies of either food, replacement parts, containers with goods… it is only a matter of time before we see some army trying to apply blockchain for weapons shipments.